MRM hidden strength appearing - can it break 0.45?
MRM looks primed for some upside again Abbas39. On the weekly I use two Stochastics to measure short term and long term interest.
The grey line represents short term interest/volatility and the blue line represents longer term strength/momentum (or lack thereof).
A good example is at "A" where there was short term interest, or a correction to the upside in an otherwise weak market. The blue stochastic remained flatlined at this time so there was a good reason to discount the move.
MRM finally gathered some signs of life in June 2021 where the two topped out. I was starting to worry that the price action would again become dormant but from point B onward the longer term Stochastic rose above the midpoint of 50 and continues to show some bullish upside.
OF course there has been supporting volume during the consolidation so it looks far more primed for a move to the upside than anytime in the past 12 months.
0.45 would see MRM clear this consolidation and an attempt to tackle some overhead supply.
One to watch.
The grey line represents short term interest/volatility and the blue line represents longer term strength/momentum (or lack thereof).
A good example is at "A" where there was short term interest, or a correction to the upside in an otherwise weak market. The blue stochastic remained flatlined at this time so there was a good reason to discount the move.
MRM finally gathered some signs of life in June 2021 where the two topped out. I was starting to worry that the price action would again become dormant but from point B onward the longer term Stochastic rose above the midpoint of 50 and continues to show some bullish upside.
OF course there has been supporting volume during the consolidation so it looks far more primed for a move to the upside than anytime in the past 12 months.
0.45 would see MRM clear this consolidation and an attempt to tackle some overhead supply.
One to watch.
Looking like an imminent breakout from an ascending triangle. Most of the trading/churn has been from .33c to .40c so a weekly close on its high and above 46c would be very bullish. Traders can take a break at 46c and tight stops at 44c.